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10 Task Every Boston Landlord Must Complete To Find The Perfect Tenant

Cheryl Ricketts and Kate Brennan of The Mandrell Company take you through “10 Things Every Landlord Must Do Find Great Tenants”. While the information is geared toward Boston area landlords, must of the tips and tricks can be used anywhere in the state of Mass. For more information or for questions, you can contact them at Kate@MandrellCo.com or Cheryl@MandrellCo.com.

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Somerville Real Estate Developers Give Advice To Future Investors

Dan Rubin & Ray Hurteau, from HRV Homes, invited Boston Wealth Builders out to their latest rehab project this past weekend. They’ve recently taken on a 3 family building in Somerville which they plan to convert into 3 luxury condos. The project located at 36 Rossmore Street will consist of three 2 bedroom/2 bathroom units with floor plans of approximately 1075 square feet. The project is scheduled to be completed in the spring of 2016 and each unit will be listed at $475,000.

Dan & Ray spoke to the group (of new and experienced investors) about how they found the building, how they are financing the construction, and their detailed plans for each unit. Is was a great opportunity for some newer investors to see a project in the progress and get a real feel for the business.

If you’d like to learn more about Dan, Ray, HRV Homes, and see photos of their current and past projects, you can visit their facebook page at https://www.facebook.com/hrvhomes

Would you like to attend future site visits  and other investor meetings? If so, join Boston Wealth Builders at http://www.BostonWealthBuilders.com. All of the meeting are free to the public. 

 

Somerville Condos For Sale

 

 

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 Do you need to sell your home quickly but still want to get top dollar during the sale? Even in good markets the average time a typical house takes to sell is about 3-4 months. And that’s homes in great condition.  Unfortunately, in today’s market, many homes remain unsold for much longer periods of time. Even immaculate move in ready homes sit unsold and often unseen, let alone homes in less than perfect condition.

Fortunately our company can help. We are associated with a group of private investors buying several houses each month in the Boston area and many surrounding neighborhoods. They are seeking properties regardless of size, location, condition, price and situation.

Are you and your property facing one of the following conditions?

  • Facing Foreclosure?
  • Skyrocketing Payments?
  • Divorce?
  • Inherited Property?
  • Missed Payments?
  • Bankruptcy?
  • Relocating?
  • Vacant Home?

Especially in today’s economy homeowners often get into situations where they need to sell a house in quickly. For many going the traditional route and working with a real estate agent, or trying to sell the home themselves “by owner” is the only option they’ve considered. This is fine in a strong market or if the home has a lot of equity where the homeowner can dump the property at a heavily reduced fee. But if this is not at scenarios a homeowner must look for different, faster alternatives.

If your property qualifies one of our investors can make you a firm written offer, usually within 24 hours. Because they use private funds they can pay cash and close quickly, at your convenience. Our company will often make the connection with these investor as no cost to you!

If you’d like to find out if your property meets our requirements call us and find out. We can be reached at 617-297-8641 (MA Residents) & 401-641-5774

 

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Attention Boston Real Estate Investors:

The Mandrell Co office has an off market FLIP opportunity in Weymouth, MA. It’s a 1450 square foot home with 3 bedrooms, 1.5 Bath home sitting on an 1 acre lot. The house is located at 641 Pleasant Street. The seller looking for cash offers and a quick closing. The home needs some work but has a ton of charm and character. Comparable sales in area say $400’s and none of the them are sitting on such a large lot.

Seller asking $259,000. Buyers to do own due diligence. Pending tax liens will be paid by seller at closing. Contact Willie Mandrell at 617-297-8641 or Willie@MandrellCo.com for more information and to schedule a showing.

Looking for other investment opportunities? Join Boston Wealth Builders! Membership is free and takes 2 mins to sign up. Join the group at http://www.BostonWealthBuilders.com

 

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Are you a landlord in the Boston area or are thinking about getting into the rental business? If so, make sure you fully understand the required and optional insurance coverage available to you. Having the right insurance in place could mean the difference between a well run real estate business and financial ruin.

Here are several insurance policies every Massachusetts landlord should be aware of:

Owner Occupied Coverage – If you purchase a multifamily building and you intend to occupy the property as your primary residence you’ll be required to obtain homeowners insurance. This insurance will typically cover the building itself as well as all the buildings fixtures. This policy will not cover your tenants personal belonging (or yours if not specifically written in the property).

Rental Property Insurance – Let’s assume you initially purchased a Boston triple decker as your primary residence and then you decide you want to move out and rent the unit you’re currently occupying.  It would be a very good idea to contact your insurance agent prior to doing so. When you initially purchased the property you paid for insurance that covers you as an owner occupant, but not as an investor. Once you move out of that property and it now becomes and investment and no longer “owner occupied”. Investment real estate requires different coverage and you’ll need to discuss these changes with your agent. If you don’t switch your policy after moving out, and attempt to make a claim, the insurance company may argue that you had improper coverage and deny any payments to you.

Vacant Property Insurance – If your property ever becomes entirely vacant for an extended period of time, make sure you alert your insurance agent. There is often a different policy needed for a property that isn’t being occupied due to a higher risk of damage. Vandalism, rodents and frozen pipes are just a few of the many things that are more likely to take place in a vacant building. Make sure you’re fully covered.

Renters Insurance – One of the best things you can do as a landlord is alert your tenants about renters insurance. If there is ever a flood, fire, break in or anything that results in your tenants loosing personal property, they are not covered under your homeowners policy.  It’s a good idea to alert them of this fact (during move in) and encourage them to get coverage. Renter’s insurance policies can be obtained for as little as $300 annually for approximately $10,000 in coverage.

Email us (Contact@MandrellCo.com) and we can send you the form we use to educate our tenants about the need for renter’s insurance.

Umbrella Insurance – If you own more than one rental property, you should speak with your insurance agent about an umbrella policy. Simply put, an umbrella policy protects you from any losses that exceed the coverage amount in your property’s policy. Ask your agent if this type of coverage would be right considering your future investment goals.

Anytime you make a significant change to the occupancy or the structure of your investment property, you want to be on contact with your insurance agent. It’s also a very good idea to review your coverage amounts and deductibles to really understand what your policy covers…and what it doesn’t.

Visit us on Real Estate Investment VideosYou-Tube for more investment real estate tips and tricks.

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The Mandrell Company would like you to give a warm welcome to the newest member of our sales team, Priscila Elias!

A native of Brazil, Priscila brings her warm personality, family real estate investment knowledge and exceptional customer service to the North Shore. Priscila is an accomplished sales professional with over six years of experience in customer-focused positions. Priscila has a natural ability to find innovative solutions and works hard to ensure satisfied clientele. Through her work experiences and connection to the real estate investment industry, we know Priscila will succeed and be a real asset to the firm.

Priscila can be reached at Priscila@Mandrellco.com

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FREE POF Letters/ Hard Money Pre-Approval:

Julio Evangelista and Commonwealth Equity will be providing attendees of the MA Real Estate Trade Show with Hard Money Pre-Approval Letters! If you’re getting into the flipping business you need a letter of approval or POF to make offers on offers on rehab deals. Come to the Trade Show and leave with a letter for your business! RSVP if you haven’t already… http://www.meetup.com/Networth-Investors/events/125269232/

FREE Business Head Shots:

Boston Photography is offering FREE head shots during the Trade Show! Get there early to make sure you don’t miss out. Use these photos for your business cards, website and lots of other marketing material.

Learn to Flip Houses W/O using Your Own Cash:

Andrew Schena from Capital Equity Partner will be teaching you how to find private investors, market your business to them and secure their funding for your real estate deals! If you’re in the business or soon to be in the business of house flipping you won’t want to miss this event. This event takes place prior to the MA Trade Show and will have limited seating. If you have not already RSVP’d please do so at http://www.meetup.com/Networth-Investors/events/130624832/

MF Real Estate Investment & Home Buying Seminar:

Interested in multifamily investing but don’t know where to start? Already own rental property and want to take your business to the next level? Come join us this Saturday for this Multifamily Investment event. Come listen, learn and share your experiences investing in rental real estate!

RSVP at http://www.meetup.com/Networth-Investors/events/133283712/

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Are you considering selling your multifamily property? If so, you should know there are two types of buyers for your property and they differ in how they approach a purchase. The first potential buyer would be the owner occupant buyer. This person plans to move into the property after purchase and use the home as his primary residence. The 2nd buyer is the investor. The investor is buying your property for investment purposes and will likely keep your current tenants or rent the property to new tenants.  As a multifamily seller it’s important to understand the differing mindsets and resources of these potential buyers. Understanding their wants and needs will allow you to better prepare for the sale and maximize your price received. Let’s take a look at both buyers in further detail.

Owner Occupied Buyers:

  • This buyer plans to purchase your property as their primary residence tends to be a bit more emotional in their decision making.  This can be good or bad for you. If your property shows well and seems to attract lots of attention during initial showings, buyers may jump to make the purchase before someone else does and ultimately pay more than they would have without the appearance of competition. The opposite is possible as well. If your property doesn’t receive much attention, this buyer will automatically assume “if no one else is interested, there must be something wrong that I’m not seeing”.
  • Owner occupant buyers will obviously need a vacant unit at the time of closing. If you have all tenants on long-term leases you will not be able to secure this type of buyer.  Some owners prefer to wait until there is a vacancy within one of the unit before they put the property up for sale.
  • Owner occupant buyers tend to pay more than investors. Their purchase is more about whether the property suits their particular needs and less about cash flow numbers. Owner occupant can often receive better financing at lower rates than the typical investor. This is another factor contributing to their ability to pay a higher price for the same property.

Investor Buyers:

  • Real Estate investors tend to be less emotional in their decision making. They are buying your property for investment purposes and the financial must make sense for them to make a move. A good investor would rather miss a good deal than to buy a bad one.
  • Investors are looking at your properties cash flow and return on investment. To land a good investor for your property you will want to show that you are achieving market or above market rents for the area and that your expenses are relatively low compared to other investment properties. It’s a good idea to keep strict records while you own the property so you are able to show these to potential investors at time of sale.
  •  Investor buyers can often buy your property “As Is” and can close quickly compared to owner occupied buyer.  If you have a property in need of heavy work, it may not qualify for owner occupied loan programs. In this case you will need an investor to step in and buy the property. Investors also have money that is more readily available allowing them to close on your property on a short timeline.

Interested in selling your home or investment property? Call us today at 617-297-8641.

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Saturday, September 14, 2013 11:00 AM   Hampton Inn 319 Speen St, Natick, MA

Interested in building a portfolio of rental property investments? If so, you don’t want to miss this event!  A large part of building a successful real estate portfolio is building a professional real estate team around you.

This tradeshow will bring together more than 200 local real estate investors and investment experts and is an excellent opportunity for you to meet local vendors & business professionals. It will also be a wonderful opportunity for investor networking and business development. If you’re serious about real estate investing you won’t want to miss this!

It’s free to register for this event. Just go to http://www.BostonWealthBuilders.com

Come speak directly to industry professional like never before! This event will be great for the novice to advanced real estate investors. Whether you’re just getting started with investing or looking to develop new strategies and income sources, we’ll have something for everyone. RSVP Now! http://www.BostonWealthBuilders.com

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The Mandrell Company works with many real estate investors & developers in and around the Boston area. We assist our investor clients in finding properties that need rehab as well as opportunities for development. If you’re looking to sell a property that needs minor or significant repairs, please give us a call. Almost all of our clients are cash buyers and can often close on your property with 2-4 weeks. Don’t waste your time with a realtor placing a sign in the yard and marketing your problem property with traditional sale methods. Our investor clients buy properties in “as is” condition, which mean they will not be asking you to make any repairs. They also purchase properties in difficult situations such as; pre-forclosure, non-paying tenants, or tax and other liens.

Let us help you move on and get this headache out of your life. Our clients are experts in renovating junk & ugly homes and can rid you of your problem house. They are also improving local Massachusetts neighborhoods with each home they complete!

Do you know of a property in your neighborhood you would like to see fixed up? Pass our information along to the owner and we’ll see what we can do!  617-297-8641 Call today!

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